BKW (BKW) Investor presentation summary

Strategic direction and growth ambitions

• Aims to achieve CHF 1 bn EBIT by 2030, with CHF 4 bn investments planned between 2025 and 2030, focusing on energy solutions, power grid, and infrastructure & buildings.

• Targets operating cash flow of over CHF 5 bn (2025–2030) and maintains capital discipline with ROCE at 8% and equity ratio above 50%.

• Growth strategy emphasizes profitability before sales growth, customer-centric solutions, and active risk management.

• Sustainability is integral, with commitments to net zero emissions, renewable investments, and biodiversity promotion.

• Investment allocation prioritizes safety, grid modernization, balanced growth, and shareholder returns.

Business segments and operational performance

• Operates across three segments: Energy Solutions (trading, production), Power Grid (largest Swiss operator), and Infrastructure & Buildings (engineering, building tech).

• Energy Solutions reported EBIT of CHF 364m in 2025, Power Grid CHF 131m, and Infrastructure & Buildings CHF 80m.

• Energy Solutions faced temporary market disruptions and low hydro production in HY 2026, but benefited from strong KKL STENFO performance.

• Power Grid remained stable despite lower regulated WACC, with revenue slightly up due to higher transmission.

• Infrastructure & Buildings improved EBIT and margins by focusing on profitability and selective project growth.

Financial results and stability

• HY 2026 revenue was CHF 2.18 bn (down 3.1% YoY), with EBIT at CHF 217.6m (up 7.0%) and net profit at CHF 169.1m.

• Operating cash flow covered investing activities; net debt/EBITDA remained stable at 1.2x.

• Equity ratio increased to 52.3%, reflecting profit retention and actuarial gains.

• ROCE for HY 2026 was 7.0%, with a continued focus on maintaining an A rating and financial guardrails.

• Dividend policy targets a payout ratio of 35–50% of operating net profit; last dividend was CHF 3.80 for FY2025.